Wrap Text
Pre-close update
LIGHTHOUSE PROPERTIES p.l.c.
(Registered in Malta)
(Registration number: C 100848)
JSE share code: LTE
ISIN: MU0461N00015
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company")
PRE-CLOSE UPDATE
The Board of Directors of Lighthouse (the "Board") is pleased to provide shareholders with an operational
and financial update in anticipation of the Company's results for the six-month period ending 30 June 2025.
DIRECT PROPERTY INVESTMENTS
Lighthouse continues to execute its growth strategy focused on the acquisition of high-quality malls in
Western Europe, particularly in Iberia. Since FY2024, the Company has expanded its direct property
portfolio with two notable acquisitions in Spain:
Alcala Magna (Madrid Metropolitan Area)
Alcala Magna is located in Alcala de Henares, a rapidly growing city within the greater Madrid metropolitan
region and was acquired on 5 March 2025. The 33 691 m2 mall enjoys a dominant position in its catchment
area and benefits from a compelling tenant mix including Mercadona, Zara, a recently opened Primark,
Lefties, JD Sports, Bershka, Stradivarius and Pull&Bear. The mall was acquired for EUR 96.3 million
which represents a gross asset yield of 7.6% (before transaction costs).
Espacio Mediterraneo (Cartagena)
On 27 June 2025, Lighthouse acquired a 36 984 m2 portion of the Espacio Mediterraneo mall in Cartagena.
The mall forms part of a larger 100 000 m2 retail precinct, the only major retail offering in the region, and
includes dominant tenants such as Zara, Primark, JD Sports, Bershka, Stradivarius and Pull&Bear. A 13
549 m2 Carrefour hypermarket located within the mall is separately owned and was not included in the
transaction. The purchase price of EUR 135.4 million represents a gross asset yield of 7.0% (before
transaction costs).
These acquisitions reinforce Lighthouse's strategic positioning in Spain and reflect its ability to identify
and act on yield-accretive opportunities in competitive markets. However, investor interest in the Iberian
region has intensified, resulting in greater competition for premium malls. There has been a notable
compression in acquisition yields. While Lighthouse remains active in evaluating potential investments, the
Company anticipates that the availability of high-quality, attractively priced assets will be limited in the
short to medium term. Following the acquisitions, the Iberian region accounts for approximately 86% of
Lighthouse's direct property portfolio.
OPERATIONAL PERFORMANCE
The direct property portfolio has continued to demonstrate resilient and consistent performance, supported
by strong tenant demand, proactive asset management and favourable macroeconomic conditions in core
markets.
For the five-month period ended May 2025:
- Total sales across the portfolio increased by 8.6% compared to the same period in 2024.
- Footfall increased by 4.6%, evidencing an expansion of consumer activity within the group's
malls.
This builds on the strong performance of FY2024, which saw total sales and footfall increase by 7.8% and
4.3%, respectively.
Sales growth Footfall growth
YoY for five YoY for YoY for five YoY for
months ended FY2024 months ended FY2024
May 2025 May 2025
Spain 9.6% 11.1% 5.6% 5.1%
Portugal 9.0% 6.0% 2.2% 3.8%
France 4.6% 1.8% 4.9% 3.3%
Total 8.6% 7.8% 4.6% 4.3%
The increased footfall was underpinned by strategic leasing activity and the introduction of prominent
retailers, notably the opening of two new Primark stores and the addition of Alcampo in Spain.
Vacancies in the portfolio increased from 2.0% at December 2024 to 2.8% at May 2025. This was primarily
due to the anticipated closure of a 2 624 m2 trampoline park at H2O that was impacted by financial
challenges at the national operator level. Discussions are currently underway to relet the now vacant store
to a large-format national fashion retailer, which will enhance the mall's overall tenant mix.
REGIONAL PERFORMANCE AND INITIATIVES
Spain
Spain continues to outperform the broader Eurozone, with 1Q2025 GDP growth of 2.8% compared to the
Eurozone's 1.5%. The strength of the economy is translating into robust retail performance and rising
demand from both new and existing national tenants seeking to expand their presence.
Sales increased by 9.6% for the five-month period ended May 2025, significantly outperforming the
regional inflation rate of 2.0% (May 2025 YoY). Footfall grew by 5.6% during the same period, supported
by the opening of Primark stores at Alcala Magna and H2O, as well as the introduction of Alcampo at Espai
Girones in FY2024.
The refurbishment project at H2O, which commenced during 4Q2024, is progressing according to schedule
and within budget. The scope of work includes a complete replacement of the interior flooring and a
reduction in the size of the outdoor lake in favour of the expansion of the adjacent park area. The
refurbishment is expected to be completed during 4Q2025. Trading at the mall has experienced minimal
disruption during the construction phase and, once completed, the project is anticipated to enhance the
mall's positioning in the market and improve the overall customer experience.
Toy retailer, Juguettos and JD Sports have relocated within H2O to larger stores to accommodate increased
trading volumes. In addition, Normal has entered the mall and began trading in June 2025.
At Salera, agreements are under negotiation with Stradivarius and Bershka to relocate and expand their
stores, both of which are over-trading in their current locations. The new stores will be upgraded to the
brands' latest flagship concepts and are scheduled to open during 1Q2026. The new locations will combine
the space formerly occupied by Sports Direct, United Colors of Benetton and AW Lab.
The Zara refurbishment and expansion project at Espai Girones is progressing well. Terms have been agreed
with Zara and planning approval has been secured. The project is expected to begin in 3Q2025 and will
nearly double the store's size from 1 930 m2 to 3 700 m2.
At Alcala Magna, Zara is due to commence the refurbishment and extension of its store in July 2025.
Stradivarius completed the refurbishment of its unit in June 2025. In addition, lease agreements have been
signed with Starbucks and KFC, with openings scheduled for 3Q2025.
Portugal
Portugal's economy recorded GDP growth of 1.6% in 1Q2025, marginally outperforming the Eurozone
average of 1.5%. For the five-month period ended May 2025, sales growth across the Portuguese portfolio
was 9.0%, notably above the region's inflation rate of 2.3% (May 2025 YoY). The assets in Portugal remain
effectively fully let, underscoring the strength of tenant demand.
At Forum Coimbra, construction has commenced on the extension projects for Primark and Zara. These
upgrades will increase the mall's GLA by approximately 2 500 m2. In April 2025, fashion retailer Lefties
relocated and opened its latest concept store, expanding its footprint from 910 m2 to 1 588 m2. JD Sports
has since signed a lease for the store previously occupied by Lefties and is currently in its fit-out phase.
At Forum Montijo (formerly known as Alegro Montijo), Normal opened a new store in June 2025, further
strengthening the mall's tenant mix. In line with Lighthouse's commitments following the acquisition of
the asset, the mall is currently undergoing a full renaming and rebranding process to formally transition to
its new identity as Forum Montijo.
France
France's economy recorded GDP growth of 0.6% in 1Q2025, underperforming the Eurozone average of
1.5%. For the five-month period ended May 2025, sales growth across the French portfolio improved to
4.6% from 1.8% (FY 2024) and was notably above the region's inflation rate of 0.7% (May 2025 YoY).
At Saint Sever, the food court will be fully let following the introduction of Crust, Tasty Pizza and Chamas
Tacos which will enhance the mall's food offering. Commercial terms have been finalised with Adidas,
which is expected to open during 4Q2025. Cache Cache replaced Pimkie and opened its new store during
April 2025.
At Docks 76, Normal opened a 560 m2 store on the first floor in March 2025. Darty, France's largest
electronics retailer, has taken occupation of its new 1 200 m2 store and is anticipated to open in 3Q2025.
Additionally, Jack & Jones is expected to launch its first store in Rouen, marking a significant addition to
the fashion tenant lineup.
At Docks Vauban, Inditex is expanding its footprint through the introduction of a new Pull&Bear flagship
concept. The store was created by downsizing the existing La Halle store. Fit-out works for the new
Pull&Bear store have commenced and the opening is targeted for 3Q2025. A lease over 700 m2 has been
signed with the national restaurant and brewery chain, Les 3 Brasseurs. Tenant fit-out is currently underway
with opening scheduled for 4Q2025. In addition, commercial terms have been agreed with German discount
retailer TEDi, with its opening expected in 4Q2025.
The ongoing extension to Rivetoile is progressing well and remains on track for completion in 3Q2025.
Several new lease agreements have been finalised, including jewellery and accessories brand Lovisa,
cosmetics retailer La Boutique Du Coiffeur and Thai dining concept Makin Thai. Furthermore, commercial
terms have been agreed with home décor retailers Kraft and Milome, both of which will occupy space on
the lower level of the mall.
CAPITAL RAISE, DEBT AND LIQUIDITY
In total, 23% of shareholders elected to receive the 2H2024 dividend in the form of scrip rather than cash.
This resulted in 16 876 042 new shares being issued at ZAR 7.52 per share on 24 April 2025.
On 9 June 2025, Lighthouse raised ZAR 400 million by issuing 48 780 487 shares through an accelerated
bookbuild at ZAR 8.20 per share. This issue price represented a discount of less than 2% to Lighthouse's
FY2024 net asset value per share.
Since December 2024, Lighthouse assumed EUR 184.6 million of borrowings comprising three new
facilities:
- An EUR 47.1 million facility secured by Alcala Magna. This facility is provided by Santander and
has a remaining term of 3 years.
- An EUR 76.2 million facility secured by Espai Girones. This facility is provided by Aareal for a 5-
year term with an option to extend for a further 2 years.
- An EUR 61.3 million facility secured by Espacio Mediterraneo. This facility is provided by Aareal
for a 5-year term with an option to extend for a further 2 years.
These facilities supported the recent acquisitions and, as a result, the Company's LTV ratio increased from
25.0% at December 2024 to approximately 35.5% at present.
OUTLOOK
Lighthouse continues to actively pursue accretive opportunities in its target markets, with a particular focus
on assets that offer compelling risk-adjusted returns and strong long-term income growth. While
competition for prime assets has intensified, the Company remains disciplined in its investment approach.
Lighthouse's portfolio of dominant and defensive malls are anticipated to continue delivering real growth
in sales and net property income, which is expected to deliver strong growth in FY2026.
The Board reaffirms its full-year distribution guidance of approximately 2.70 EUR cents per share for
FY2025.
Shareholders are advised that the financial information contained in this update has not been reviewed or
reported on by the Company's auditors.
30 June 2025
JSE sponsor and corporate advisor Company Secretary
Java Capital Stonehage Fleming Malta Limited
Tel: +27 (0)78 456 9999 Tel: +356 2144 6377
Date: 30-06-2025 08:41:00
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